Cyprus will not accept a bailout from international lenders on the current terms being offered, President Demetris Christofias said on Wednesday, with the indebted government set to propose alternative savings. Setting the tone for tough negotiations with lenders, Christofias said he would never sign a bailout deal which called for the sell-off of profitable state-owned
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* Sees further GDP contraction in 2013; Debts to rise to 180% of GDP next year * Every step Greece takes to shore up its finances seems to make it harder for Athens to make the numbers add up in the long-term, especially when it comes to its spiralling debt. Monday's 2013 budget plan contained
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The dollar firmed while most riskier assets fell on Wednesday as data from China and Australia deepened gloom about the global economic outlook, further reducing risk appetite already hurt by uncertainty about the timing of Spain's request for a bailout. U.S. stock futures eased 0.2%, suggesting a weak start on Wall Street, while financial spreadbetters
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Greece's Piraeus Bank has struck a preliminary deal to buy French lender Societe Generale's loss-making Greek unit Geniki to strengthen its position amid a brutal debt crisis, two sources close to the talks told Reuters. Both sides had confirmed in late August that talks on a deal were at an advanced stage as Greece's battered
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The exploitation of hydrocarbons in Cyprus’ Exclusive Economic Zone (EEZ) constitutes an inalienable sovereign right of the Republic of Cyprus, Greek Prime Minister Antonis Samaras has stressed, reiterating at the same time the determination of Greece to oppose any challenge to the sovereignty of the island. On his part, Cyprus President Demetris Christofias stressed that
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The Republic of Cyprus and the EU signed Tuesday an agreement on setting up a Galileo ground station in Cyprus. The ground station will be one of a network of three so-called Medium Earth Orbit Local User Terminals (MEOLUT) that will relay distress signals received by the Galileo satellites to rescue teams throughout the European
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Egypt's new president must punish security forces responsible for unlawful brutality and killing of protesters during the 16 months of army rule that followed Hosni Mubarak's ouster in 2011, Amnesty International said on Tuesday. The Supreme Council of the Armed Forces (SCAF) handed power to the Muslim Brotherhood's Mohamed Mursi in June after a period
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The first year-long mission to the International Space Station may begin i n March 2015, following an agreement between ISS partners who have previously sent crews for six months, the Russian space agency director said on Tuesday. Alexei Krasnov, in charge of manned flights at Roscosmos, said the decision was made by participants at the
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Spanish Prime Minister Mariano Rajoy said on Tuesday a request for European aid was not imminent following a report the country could apply for help as soon as this weekend. Rajoy made the comments after meeting in Madrid with the 17 leaders of Spain's regions. European officials told Reuters late on Monday that Spain was
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An EU advisory group called on Tuesday for banks' traditional deposit-taking business to be legally separated from higher risk activities, drawing fire from the industry even though it stopped short of demanding a full break up of lenders. Recommendations of the group, set up by the European Commission, aim to shield taxpayers from having to
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